That said, the Virtual Console is sort of a bust so far -- it's a bunch of first party Nintendo games that we've all seen ported over and over and over and over. If it catches on and they work out deals with other publishers to host things like Wing Commander or more obscure games from our childhoods, then it's a great concept... at launch, it's kind of lame -- and Nintendo doesn't have a great track record vis a vis working with outside publishers for this kind of thing, so be cautious.
As far as I'm aware this list is comprehensive when it comes to 2006-Early 2007 releases:
Mario Bros.
The Legend of Zelda
Donkey Kong
Donkey Kong Jr.
Ice Hockey
Pinball
Soccer
Tennis
F-Zero
SimCity
Super Mario 64
Urban Champion
Wario's Woods
Baseball
Solomon's Key
Mario RPG: Legend of the Seven Stars (Super NES; rated E for Everyone)
Kirby's Super Star (Super NES; rated E for Everyone)
Mario Kart 64 (Nintendo 64; rated E for Everyone)
Starfox 64 (Nintendo 64; rated E for Everyone)
Super Metroid (Super NES; rated E for Everyone)
Kirby's Dream Land 3 (Super NES; rated E for Everyone)
The Legend of Zelda: The Ocarina of Time (Nintendo 64; rated E for Everyone)
Excitebike (NES; rated E for Everyone)
Ice Climber (NES; rated E for Everyone)
Dr. Mario (NES; rated E for Everyone)
Mario Brothers (NES; rated E for Everyone)
Ice Hockey (NES; rated E for Everyone)
Soccer (NES; rated E for Everyone)
Duck Hunt (E for Everyone)
Hogan's Alley (E for Everyone)
Kid Icarus (E for Everyone)
Kirby's Adventure (E for Everyone)
Pilot Wings (E for Everyone)
Pro Wrestling (E for Everyone)
Punch-Out (E for Everyone)
Wild Gunman (E for Everyone)
Sonic the Hedgehog
Altered Beast
Golden Axe
Columns
Ecco the Dolphin
Gunstar Heroes
Space Harrier II
Toe Jam & Earl
Dr. Robotnik's Mean Bean Machine
Bonk's Adventure
Super Star Soldier
Victory Run
Bomberman '93
Dungeon Explorer
NES, SNES, N64, Genesis, TurboGrafx, 30 of those titles will be December launch. Nintendo has already said it aims to have 10 more titles out a month, anymore than that just isn't sensible, no doubt they'll want new virtual console titles to be released throughout the entire lifetime of the system. Theres quite a few there I'm eager to play, classics like StarFox 64 which have never been ported and Super Metroid, the one metroid I've never actually played.
Huzzah, anymore retro goodness and I fear I'd explode. It seems a lot more promising than the initial titles on Xbox live (save Geometry Wars).
I do take the point that if you're holding out for specific titles then its going to be frustrating (no doubt EA will eventually put out Wing Commander, but when?) but from a buisness point of view I don't see how they could put out more, and 1st party titles, ported to death or not, are likely to sell better than less well known titles.